In today’s blog post we are going through all your most asked property questions.
Use this blog post as a guide whenever you need a property question answered.
What types of real estate investments are there?
- Residential – consists of houses, apartment buildings, townhouses, and vacation houses where individuals pay you to live for an agreed time
- Commercial – consists of office buildings and skyscrapers
- Industrial – consists of warehouses, storage units, car washes, etc
- Retail – consists of shopping malls and other retail storefronts
- Mixed-Use – a combination of the categories above into a single product
What are the different types of property strategies?
- House in Multiple Occupation
- Serviced Accommodation
- Rent to Rent
What is a HMO?
A HMO comprises of an entire flat or house that is let out to 3 or more tenants who live as two households or more. In an HMO tenants share a kitchen, bathroom and toilet.
What is Serviced Accommodation?
This type of accommodation are fully furnished properties which are available for short and long term let. An example of serviced accommodation would be an Airbnb.
What is Rent to Rent?
Rent to Rent is an agreement between a landlord and a company, local authority or individual where the property is rented out to a tenant on a single let basis. The landlord will be given rental income for an agreed term.
Do I have to invest in property using my own money?
No, absolutely not. You can get started in property using other people’s money. To learn more on how you can do this, watch this.
How can I secure my fist investor?
You can secure your first investor through networking events, social media, reaching out to private funders and putting yourself out there!
What mindset do I need to have to become a property investor?
A growth mindset which will give you the confidence to keep going, push yourself, learn new things, embrace challenges, and persist through the hard times.
What does the term ‘exchange of contracts’ mean?
An exchange of contracts means when a house sale or purchase is legally binded.
Where should I invest?
Invest 30, maximum 60 minutes to where you live and find a property strategy that’ll work for you.
How do I find investors?
Investors are everywhere. They could be your friends, colleagues, people at your gym, etc.
Which strategy is best?
This all depends on your personal circumstances, your vision, goals and what’s most important to you.
How many deals should I start with?
Focus on the right strategy in the right location and get your first deal to build your team, gain confidence, plan, then move on to your next property.
When can I quit my job and go full time in property?
When the time is right. Once you have enough income to sustain yourself, make the decision to leave.
What questions should I ask when viewing a property?
- How long has the property been on the market?
- Why are the owners selling the property?
- How old is the property?
- Are there any issues with the boiler?
- How are the neighbours?
- What is the area like? Have there been any issues?
- How many owners has the property had?
Refer to these steps whenever you need help on your property journey. Alternatively, Liam is also answering your property questions here.
Before you go …
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